CSBS Encourages Early State License Renewals for Non-Depositories

The Conference of State Bank Supervisors (CSBS) recently encouraged non-depository financial institutions whose licenses expire at the end of the year to begin their state license renewal process early. In most cases, the license renewal deadline runs through December 31, 2017.

Starting the annual renewal process earlier can help ensure that it is completed by the end of the year. According to CSBS, in 2016, 93 percent of all renewal applications submitted by November 30 were approved by December 31, while only 49 percent of license renewals requested after December 15 were approved by the end of the year.

The license renewal process can be completed through the Nationwide Multistate Licensing System (NMLS) website, which CSBS operates on behalf of state regulators. To visit the NMLS Resource Center’s Annual Renewal Information page, click here.